Word: trillion
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...President George W. Bush sent a $1.6 trillion tax plan to Capitol Hill. Unfortunately, the proposed tax cut ignores the economic lessons of the Reagan, Bush and Clinton years. Because it is fiscally irresponsible and provides little relief to the families who need it most, we urge Congress to reject...
...most Americans will be minor, Bush's proposal requires so much money as to raise a strong possibility of blowing the budget. Once one factors in the roughly $400 billion in interest on the national debt that would otherwise have been retired, the cuts will cost the Treasury $2 trillion. A cut of this magnitude represents a profound threat to the successful fiscal discipline of the Clinton era. After securing the Social Security and Medicare surpluses, which many in Congress rightly feel should be reinvested in their respective programs, and after allowing for adjustments in current spending to keep...
...Bush's surprise at the feeding frenzy is, of course, an act. White House aides wanted a fever for the political cover it provides. When GOP conservatives howl for a $2.6 trillion cut and the Democrats come in at $900 billion, Bush's plan becomes the reasonable compromise at $1.6 trillion...
...schemes are well-intended - Senate majority leader Trent Lott wants to change the alternative minimum tax so it doesn't take such a big bite out of middle-class taxpayers - but all of them threaten to grow the beast. Lott's plan would bring Bush's plan to $1.8 trillion; House majority leader Dick Armey would inflate the cuts to $2.6 trillion. Corporate lobbyists "are baying at the door" of the Ways and Means Committee, says Florida representative Mark Foley, with pleas for up to $1 trillion in goodies - lower corporate tax rates, larger write-offs for computers, more...
...Gore's failed campaign, but Democrats still think they can draw blood with the fairness attack. In the latest TIME/CNN poll, a narrow majority of those surveyed, 51 percent, say Bush's plan favors the rich. Daschle's pollsters tell him the public also suspects that the projected $5.6 trillion budget surplus won't fully materialize to pay for the cuts. If it doesn't - and if Bush keeps his promises to hike spending for health care, education and missile defense - the tax cut will end up being paid for with "a raid" on Social Security and Medicare, Democrats warn...